REPORT FOR THE FIRST HALF/ SECOND QUARTER 2025

HIGHLIGHTS

KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| HIGHLIGHTS

^X Stable sales up 0.4 per cent YoY to NOK 3 431 million, despite negative impact from volume rebalancing and consolidation measures, in an improved market environment.
X Gross profit increase of 12.3 per cent (+8.3 per cent in constant currency) to NOK 502 million on the back of a 1.6 pp margin uplift from optimised commercial execution.
^X Operating expenses higher as currency effects amplified the impact of expansion measures and marketing investments (+3.5 per cent adj. in constant currency).
^X EBIT adj. of negative NOK 22 million, representing a modest improvement from negative NOK 38 million in the prior-year period.
^X Working capital improved by NOK 63 million YoY, despite a temporarily elevated inventory position due to warehouse consolidation in Sweden.
^X Liquidity reserve of NOK 1.1 billion supported by improved payment terms, and financial position remains in accordance with covenants.
^X Continued support from new launches and increasing effects from cost measures expected in the second half of the year.
^X Ros-Marie Grusén appointed new CEO of Komplett ASA, effective from 1 August.

REVENUE PER SEGMENT

REVENUE PER CHANNEL

REVENUE PER COUNTRY

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW FINANCIAL STATEMENTS AND NOTES APPENDIX

	KEY FIGURES

Amounts in NOK million unless stated otherwise	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024

Operating revenue	3 431	3 418	6 801	6 664	15 301
Growth (%)	0.4%	(5.9%)	2.1%	(8.1%)	(3.5%)
Gross profit ¹	502	447	1 006	935	2 091
Gross margin (%) ¹	14.6%	13.1%	14.8%	14.0%	13.7%
Operating expenses (ex dep) (adj.) ¹	(418)	(390)	(862)	(823)	(1 754)
Depreciation and amortisation	(105)	(95)	(205)	(189)	(384)
Total operating expenses (adj.) ¹	(523)	(485)	(1 067)	(1 013)	(2 138)
Operating cost percentage ¹	(15.2%)	(14.2%)	(15.7%)	(15.2%)	(14.0%)
EBIT (adj.) ¹	(22)	(38)	(61)	(78)	(47)
EBIT margin (adj.) (%) ¹	(0.6%)	(1.1%)	(0.9%)	(1.2%)	(0.3%)
One-off costs	(29)	(1)	(47)	(7)	(20)
EBIT	(51)	(39)	(108)	(85)	(67)
Net financials	(43)	(44)	(84)	(88)	(169)
Profit before tax	(94)	(83)	(192)	(172)	(236)
Profit for the period	(76)	(67)	(153)	(139)	(192)
Investments (capex)	25	36	70	77	168
Net interest bearing debt ¹	1 352	1 263	1 352	1 263	854
Operating free cash flow ¹	(109)	198	(430)	(47)	686

1) Alternative performance measure (APMs).

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| CEO COMMENTS

In the second quarter of 2025, we continued to see an improved market environment with positive impact from new product launches. Our sales development in the Swedish market was however held back by margin management and consolidation measures in the quarter. Gross margins showed a clear increase compared to the previous year, and our commercial initiatives along with our cost savings measures are moving ahead as planned.

Overall, markets continued to develop positively during the second quarter, with improved dynamics both in Norway and in Sweden. In Norway, we delivered solid performance, while our Swedish operations were temporarily affected by our ongoing measures to optimise margins and operational efficiency. Specifically, top line performance in Sweden continued to be impacted by brand repositioning and volume trade-offs in low-margin categories, while warehouse consolidation negatively affected product availability and inventory levels in the period.

New product launches and underlying momentum in the components and gaming categories continued to have a positive effect in the period, as the introduction of Nvidia and AMD graphic cards was complemented by the successful launch of the new Nintendo Switch 2 consoles. Product supply was however limited in the period, and the impact is expected to gradually increase as suppliers make more products available into the second half of the year. This is likely to be complemented by the launch of new gaming laptops, as well as growing demand for upgraded PCs as Windows 10 is nearing end of support.

In line with our strategic priorities, we are further continuing to grow our presence in selected categories, such as domestic appliances, and we are especially excited about the new generation of robotic vacuum cleaners, audio equipment and TV launches. In parallel, we are expanding our presence in seasonal categories and in increasingly popular segments, such as domestic appliances for frozen desserts and beverages. We have also continued strengthening assortment and market positions in existing core segments like telecom, although accepting some volume losses in favour of margin management in the Swedish market compared to last year. Overall, gross margins showed a marked improvement versus last year, supported by a rebalanced campaign and price policy, in particular in the telecom segment, as well as tactical and strategic measures to improve product mix supported by a better pricing environment.

Our series of private label washing machines, dishwashers and fridges under our own Avant brand continues to gain ground in the market, with additional models coming on stream in the near future, and we see further potential from our private label portfolio in existing and new areas going forward. The pace of store opening programme is largely going according to plan, supporting the sales uplift in the Norwegian market, but is currently being reviewed for possibilities of accelerating its path to profitability.

Our cost and restructuring measures are progressing according to plan. In Norway, the workforce reductions at Komplett Services were carried out as planned in the previous quarter and will deliver full effect from the second half of the year. In Sweden, the consolidation of Webhallen's two warehouses in Stockholm into NetOnNet's central warehouse in Borås has been completed, with final consolidation of back-office functions in process of being finalised during the third quarter. Throughout this process, our inventory position has remained controlled, although elevated, while experiencing a lower level of delivery capability.

Meaningful savings in terms of rent, facility management and administration in logistics and sales and operations planning from these latter initiatives, are gradually showing effect, with main impact anticipated from the second

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

half of the year. A further programme of back-office and operational excellence initiatives has been developed during the quarter and is now prepared for launch in the second half of the year.

We continue to maintain a solid liquidity reserve on the basis of improved payment terms, and our financial position remains in line with the agreed financial covenants.

In June, it was announced that Ros-Marie Grusén has been appointed new President & CEO of Komplett Group from 1 August. I have enjoyed leading Komplett Group over the past years, and as I move into a new role as chair of the board, I would like to use this opportunity to thank colleagues,

customers, suppliers and partners for handling challenges and opportunities with competence, dedication and efficient teamwork.

Looking ahead, we expect continued positive impact from innovations coming online, with larger volumes being released in the second half of the year. Improving macroeconomic forecasts have a positive impact on overall market momentum, although consumer sentiment remains cautious. As you will hear more about from Ros-Marie in due course, the effects from our commercial and cost initiatives are expected to gradually increase into the second half of the year and additional cost measures will be considered in line with our strategic growth and cost efficiency ambitions.

Our brands are known for seamless shopping experiences, great customer service, and efficient deliveries, resulting in high customer satisfaction and a loyal, engaged customer base. Despite the challenges of recent years, we believe our solid foundation will enable us to deliver on our goal.

Yours sincerely

Jaan Ivar Semlitsch President & CEO

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| QUARTERLY SUMMARY

In a quarter marked by currency effects, improved market dynamics and new product launches led to a moderate sales growth of 0.4 per cent (-2.5 per cent in constant currency), despite sales being held back by volume trade-offs and operational measures in the Swedish businesses. The group's commercial initiatives resulted in a marked improvement in gross margin levels, lifting gross profit by 12.3 per cent (+8.3 per cent in constant currency), which also reflects a more normalised pricing environment in the period. Currency effects led to an elevated cost level in the quarter, on top of expenses associated with store expansion, costs initiatives and the consolidation measures in the Swedish operations. The positive impact from cost and efficiency measures will increase in the second half of the year.

During the second quarter, markets developed positively in both Norway and Sweden, although both sales and expenses in the Swedish operations were temporarily affected by marginenhancing measures and consolidation of the logistics and back-office set-up in the quarter. New product launches generated solid growth in the gaming and components categories, as well as an overall improved assortment and broader supplier base. These effects were complemented by positive results from an extended private label range supporting the broader expansion in the home categories. The timing of Easter, with fewer sales days in the quarter, had a negative impact on year-over-year growth, especially in the B2B and Distribution segments. The latter segment also experienced shifts in phasing of deliveries and contracts.

Gross margin levels continued the positive development seen in the first quarter and showed a clear improvement from last year, resulting in a 12.3 per cent improvement in gross profit. Selective price rebalancing and mix effects had a positive impact on margin performance across most categories in the period. In addition, the margin benefited from a more normalised pricing environment compared with an exceptionally intense competitive environment in the prior-year period.

The increase in operating expenses reflected general cost inflation and commercial expansion measures, as well as selected marketing investments and project related costs, while the increase was amplified by significant currency effects in the period. In addition, operative measures such as the warehouse relocation and back-office consolidation in Sweden involved some additional costs in the quarter. The positive effects from the restructuring measures in Norway and consolidation in Sweden are expected to increase gradually into the second half of 2025.

The net working capital level continued to improve year-over-year, reflecting consistent efforts to improve commercial terms, while the warehouse consolidation measures contributed to both raised inventories and higher payables in the quarter. At the end of June, the group's leverage ratio (NIBD / LTM EBITDA, adjusted for certain items) was 3.8x. The leverage remains in line with the temporarily raised covenant levels previously agreed with the group's financing partners for Q2 2025.

In the recent months, households have maintained a willingness to spend on durable items despite the ongoing global uncertainty bearing negatively on consumer sentiment in our core markets. Moving forward, the overall economic situation for households is expected to continue to improve, with a recovering pace of innovations. The positive impact from new launches is expected to continue supporting the second half of the year, as suppliers make more products available. This is likely to be complemented by new launches as well as a growing demand for upgraded PCs driven by an aging installed base and the end of support for Windows 10.

Nevertheless, the effect of global uncertainty on consumer sentiments and behaviour remains a source of uncertainty going forward. Continued market and competitive uncertainties still require active cost management, and additional measures to optimise operational efficiency have been defined for implementation in the coming quarters.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| FINANCIAL REVIEW

PROFIT AND LOSS

Total operating revenues remained relatively stable, increasing by 0.4 per cent in the second quarter of 2025, from NOK 3 418 million to NOK 3 431 million (-2.5 per cent in constant currency). Apart from positive currency effects, the sales development was supported by more positive market dynamics, both in Norway and in Sweden. The underlying progress was relatively broadly based across product categories, apart from certain managed exceptions, with tailwind from new product launches in the gaming and computing category. In addition, new commercial initiatives generated good results, while warehouse consolidation and efforts to optimise margins, especially in the telecom category, had the opposite impact on volume growth.

For the first six months, revenues totalled NOK 6 801 million, corresponding to a 2.1 per cent growth from NOK 6 664 million in the same period in 2024 (-0.1 per cent in constant currency).

Cost of goods sold was NOK 2 930 million in the second quarter, representing a 1.4 per cent decrease from NOK 2 972 million in the same period last year, reflecting a relatively stable sales development. The group's central commercial team continues to work on improved commercial terms as part of the centralisation and consolidation of group sourcing and category management.

For the first half-year, cost of goods sold was NOK 5 795 million, compared with NOK 5 729 million in 2024.

Gross profit was NOK 502 million in the second quarter, representing an increase of NOK 55 million from last year, including positive currency translation effects (+8.3 per cent in constant currency). The gross margin reached 14.6 per cent in the second quarter, reflecting a clear improvement from 13.1 per cent in the same period of 2024. The margin performance reflects a rebalanced campaign and price policy, a more normalised pricing environment compared with last year, and positive mix effects generated by tactical and strategic measures.

For the first six months, gross profit was NOK 1 006 million compared with NOK 935 million in 2024 (+4.9 per cent in constant currency).

Operating expenses (excluding one-off costs, depreciation and amortisation) totalled NOK 418 million, representing an increase of 7.2 per cent (+3.5 per cent in constant currency) from NOK 390 million in the same period of 2024. The increase reflected general cost inflation and commercial expansion measures, as well as selected marketing investments. In addition, operative measures such as the warehouse relocation and back-office consolidation in Sweden involved higher costs in the quarter. The positive effects from the restructuring measures in Norway and warehouse consolidation in Sweden are expected to increase gradually into the second half 2025, along with further cost and optimisation measures being reinforced in the third quarter.

For the first half-year, operating expenses were NOK 862 million, up from NOK 823 million in 2024 (+2.0 per cent in constant currency).

Depreciation and amortisation accounted for NOK 105 million in the second quarter, of which NOK 14 million was related to the amortisation of acquired customer value as part of the earlier NetOnNet transaction. In addition, NOK 2 million has been classfied as one-offs. In the same period last year, depreciation and amortisation expenses totalled NOK 95 million. The increase from last year was mainly related to upgraded IT infrastructures and partly new stores.

For the first half-year, depreciation and amortisation totalled NOK 205 million, compared with NOK 189 million in 2024.

EBIT adj. amounted to negative NOK 22 million in the second quarter of 2025, representing a moderate improvement compared with negative NOK 38 million in the same period of 2024. This gave an EBIT adj. margin of negative 0.6 per cent in the second quarter, corresponding to an improvement from negative 1.1 per cent last year.

For the first six months, adjusted EBIT was negative NOK 61 million, compared with negative NOK 78 million in the same period in 2024.

One-off costs totalled NOK 29 million in the quarter and were mainly related to severance and closing costs in the Norwegian business, and restructuring costs relating to the warehouse and back-office consolidation and other measures in Sweden. In the second quarter of 2024, one-off costs totalled NOK 1 million.

For the half-year period, one-off costs were NOK 47 million, compared with NOK 7 million in 2024.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

The operating result (EBIT) for the second quarter amounted to negative NOK 51 million, compared with a loss of NOK 39 million in the same period of 2024.

For the first half-year, the operating result (EBIT) was negative NOK 108 million, compared with a loss of NOK 85 million in the same period in 2024.

Net financial expenses in the second quarter totalled NOK 43 million, compared with NOK 44 million in the same period last year. As in previous reporting periods, interest on the group's credit facilities and factoring costs were the main components of the financial expenses.

For the half-year period, net financial expenses were NOK 84 million, compared with NOK 88 million in the same period in 2024.

The group had a tax income of NOK 18 million in the second quarter, compared with NOK 16 million in the same period last year.

For the half-year period, the group booked a tax income of NOK 40 million, compared with NOK 33 million in 2024.

Profit for the period ended at negative NOK 76 million, compared with a loss of NOK 67 million in the same period last year.

Loss for the first half-year period was NOK 153 million, compared with NOK 139 million in the same period in 2024.

FINANCIAL POSITION

Non-current assets amounted to NOK 3 957 million at the end of the second quarter, compared with NOK 3 834 million at the end of June 2024. The change was due to increases in intangible assets of NOK 102 million, which were driven by currency effects, and in deferred tax assets of NOK 41 million, A reduction in right-of-use assets of NOK 38 million had the opposite impact.

Current assets amounted to NOK 3 164 million at the end of the second quarter, compared with

NOK 2 821 million in the same period last year. Inventories were NOK 2 169 million at the end of June, representing an increase from NOK 1 903 million one year earlier, reflecting a still controlled, but elevated position due to the warehouse consolidation process in Sweden. A total of NOK 315 million of receivables have been sold under the factoring agreement in the quarter.

Cash and cash equivalents totalled NOK 168 million at the end of the quarter, compared to NOK 108 million at the end of June last year.

Equity amounted to NOK 2 510 million at the end of the second quarter of 2025, compared with NOK 2 561 million in the same period last year. The difference is mainly attributed to the impact from changes in retained earnings. This yields an equity ratio of 35.3 per cent at the end of the second quarter, compared with 38.5 per cent at the end of June 2024.

Total liabilities amounted to NOK 4 611 million at the end of the second quarter of 2025, compared with NOK 4 095 million at the end of the second quarter of 2024. Trade payables totalled NOK 1 903 million, representing an increase of NOK 579 million from the prior-year period, where renegotiated supplier agreements and improved payment terms have contributed to a structural uplift versus last year along with the effects of a temporarily elevated inventory level.

Since the second quarter of 2023, the Swedish subsidiaries have partly utilised the extension of the Swedish tax deferred payment rules. After repayment of NOK 39 million during the second quarter, the total outstanding amount at end of June 2025 was NOK 348 million, of which NOK 193 million is included in the group's long-

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

term liabilities. The remaining NOK 155 million, which matures in less than 12 months, is shown as part of other current liabilities.

Total equity and liabilities amounted to NOK 7 121 million at the end of the second quarter, compared with NOK 6 656 million at the same time last year.

LIQUIDITY

The group's total credit facilities include a revolving credit facility in the amount of NOK 1 300 million and an overdraft facility in the amount of NOK 400 million. The latter increases to NOK 500 million in the fourth quarter in accordance with normal practice.

At 30 June 2025, NOK 800 million of the revolving credit facility was utilised. Including available cash of NOK 168 million, the liquidity reserve was NOK 1 068 million at the end of the second quarter, compared with NOK 1 000 million one year earlier, primarily reflecting working capital improvements.

Further details on the credit facilities may be found in note 8 to the financial statements.

NET INTEREST-BEARING DEBT

Net interest-bearing debt at 30 June was NOK 826 million, excluding IFRS 16, and NOK 1 352 million including IFRS 16 liabilities. The year-overyear changes include NOK 193 million being reclassified into long-term liabilities. This is due to the extended repayment plan for the Swedish tax deferral scheme which was granted in the third quarter 2024. For further details, reference is made to the group's alternative performance measures in the appendix to this report.

The leverage ratio, defined as NIBD / LTM EBITDA (adjusted for certain exceptional items), was 3.8x at the close of the second quarter of 2025. The group's underlying covenant trajectory has been temporarily raised to allow for a leverage ratio of 4.0x in Q2 2025, before returning to original levels in the second half of the year.

CASH FLOW

Operating activities generated a net cash flow of negative NOK 23 million in the second quarter, compared with a positive cash flow of NOK 283 million in the same period last year. Operating cash flow was negatively affected by an increase in accounts receivables of NOK 112 million, countered by an increase in trade payables of NOK 67 million, while inventories remained relatively stable during the quarter.

In the same period last year, the cash flow from operating activities was positively affected by a decrease in inventory of NOK 159 million, a slight decrease in trade receivables of NOK 11 million and further supported by an increase in accounts payable of NOK 109 million.

For the first half-year, net cash flow from operating activities amounted to negative NOK 223 million, compared with positive NOK 136 million in the same period last year.

Cash flow used in investing activities was NOK 24 million. This was invested in property, plant and equipment for new stores and improvements of the IT infrastructure, of which a majority was used for upgrades to the IT systems. The comparable figure from last year was NOK 30 million.

For the first half-year, cash flow used in investing activities totalled NOK 69 million, compared with NOK 72 million in the same period last year.

Cash flow used in financing activities was NOK 137 million during the second quarter, compared with NOK 260 million in the same quarter prior year. Financing activities in the quarter mainly consisted of principal and interest paid on lease liabilities, net interest paid on loans, as well as a repayment of NOK 39 million in accordance with the Swedish tax deferred payment rules.

For the first half-year, cash flow used in financing activities was NOK 266 million, compared with NOK 186 million in 2024. The increase was partly driven by repayments in accordance with the Swedish tax deferred payment rules.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| CORPORATE EVENTS

MANAGEMENT CHANGES

In June, the board of directors announced the appointment of Ros-Marie Grusén as new chief executive officer (CEO), effective from 1 August.

As from 1 May, the management team has been expanded with Kristian Kjernsmo as chief operating officer, while chief commercial officer Andreas Westgaard stepped down with effect from 1 June.

GENERAL MEETING

The annual general meetiing was held 7 May 2025. All proposed resolutions were adopted, and the minutes from the annual general meeting can be found at Komplett Group website.

The general meeting granted the board of directors (i) an authorisation to acquire the company's own shares for a value up to NOK 7,000,000, which represents approximately 10 per cent of the company's share capital and (ii) an authorisation to increase the company's share capital by up to NOK 7,000,000, which represents approximately 10 per cent of the company's share capital.

The general meeting re-elected Jo Olav Lunder as chair until 1 August 2025. Jaan Ivar Semlitsch was elected as new board member and chair of the board from 1 August 2025. Further, Jan Ole Stangeland, Ingvild Næss, Susanne Ehnbåge, Anders Odden and Emelie Victorin were re-elected as board members. Ingrid Haugen Fougner was elected as board observer.

With effect from the general meeting, the board of directors comprise the following persons:

X Jo Olav Lunder (chair, until 1 August 2025)
X Jaan Ivar Semlitsch (chair, from 1 August 2025)
X Susanne Ehnbåge (board member)
X Jan Ole Stangeland (board member)
X Ingvild Næss (board member)
X Fabian Bengtsson (board member)
X Anders Odden (employee representative)
X Emelie Victorin (employee representative)
X Ingrid Haugen Fougner (observer)

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| RISKS AND UNCERTAINTIES

Komplett Group is subject to several risks, including market and competition risks, operational and financial risks, such as currency, interest, credit, and liquidity risks, as well as IT security risks. The board and executive management are continuously monitoring the group's risk exposure, and the group strives to take an active approach to risk management and internal control processes. Below is a summary of the key risks for the group over the coming period.

There is a risk that consumer sentiment and spending expectations decrease or remain low due to macroeconomic uncertainty, which in turn may impact demand for capital intensive goods, such as electronics. Market headwinds and unpredictability may lead to inventory build-up, resulting in increased price pressure in the market. Temporary fluctuations in the longterm growth trajectory of online retail trade may impact the group's performance in the short term.

The group operates in an intensely competitive industry, and entry of new market players or changes in the market dynamics may impact its competitive position. Geopolitical risk has risen following the outbreak of wars, political unrest, and trade sanctions. Risks from regulatory changes, trade barriers, tariffs, and restrictive government actions could impact the group's operations and results. Over the past months, global uncertainty related to trade wars and tariffs has increased. The group is monitoring the situation closely and maintains a close dialogue with suppliers.

Due to its online first business model, Komplett Group is less exposed to cost inflation than many of its peers, but its cost base is nevertheless subject to market inflation and currency effects. As the group operates online, it is vulnerable to hacking and cybercrimes on critical applications and its websites. Although the group has systems in place to identify and block external attacks, the group will likely be subject to new and smarter attempts at unauthorised access that expose a risk to the business.

The group's balance sheet carries intangible assets, including goodwill, which are subject to risk of impairment and other factors that may contribute to a loss in value. The impairment charges executed in 2023 significantly reduced this balance sheet risk, but the carried amounts remain subject to an improvement and normalisation of the future performance, in particular in the Swedish entities.

Risks and uncertainties must be considered when looking at the outlook comments below. Reference is made to note 4 to the company's Annual and Sustainability Report for 2024 for additional explanations regarding risks and uncertainties.

| SUSTAINABILITY

Following the CSRD report published in March, Komplett Group revised the double materiality assessment in the second quarter of 2025, including updated stakeholder mapping and renewed engagement to provide additional insights to the process. Climate scenario analyses were also conducted to support the identification of climate-related risks and opportunities. Furthermore, a transition plan has been initiated to prepare for new climate reporting requirements.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| SUMMARY AND OUTLOOK

In the second quarter, Komplett Group delivered stable sales in an improved market environment, with positive impact from new product launches. The group continued progressing its strategic and commercial priorities, yielding positive developments in categories such as domestic appliances and gaming, selective private label line-extensions as well as an expanded supplier base. While market dynamics developed positively across both Norway and Sweden, sales from the group's Swedish operations were held back by a more selective price and campaign posture as well as the consolidation measures in the period.

Gross margin levels continued the positive development from the first quarter, increasing 1.6 pp YoY and resulting in a 12.3 per cent improvement in gross profit to NOK 502 million for the period. The progress was supported by a rebalanced campaign and price policy, a more normalised pricing environment and positive mix effects, as well as some currency translation effects. The latter also affected the operating costs in the period, which amplified the underlying impact of expansion measures and marketing investments. Moreover, Webhallen's two warehouses and back-office operations were integrated into NetOnNet's facilities in Borås during the quarter, involving some additional costs as well as other operational challenges.

Into the coming periods, the positive impulse from new product launches is expected to continue as more volumes become available from suppliers. The positive effects from the group's commercial and cost initiatives are expected to increase into the second half of the year. A further programme of operational excellence initiatives has been developed during the quarter to be launched in the second half of the year. In addition, measures are being taken to accelerate profitability from the NetOnNet expansion in Norway.

Elevated global uncertainty has led to a more cautious consumer sentiment, but so far this has not resulted in a decline in purchasing behaviour across the group's segments. Household finances are continuing to benefit from the macroeconomic environment in both Norway and Sweden, which is expected to contribute to a still positive market environment. However, future developments and the potential impact from geopolitical shifts on the overall supply and trading environment remains a source of uncertainty moving forward.

The launch of new generations of components has also attracted competition from larger players who are increasing their presence in the computing and gaming categories. The group will continue to adapt its pricing strategies to the trading environment and to actively manage its cost base.

Komplett Group remains optimistic about its long-term potential and firmly believes in the robust market fundamentals for consumer electronics and appliances, as well as the sustained growth trajectory of online retail.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

| SEGMENT REVIEW

| BUSINESS TO CONSUMER (B2C)

^X Solid growth in Norway with improved profitability

REVENUE

Operating revenue for the B2C segment was NOK 2 509 million, representing a 4.9 per cent increase from NOK 2 392 million in the same period in 2024 (+0.8 per cent in constant currency). In local currency, the operations in Norway had a revenue increase of 18.8 per cent, including effects from new store openings in 2025, while Sweden had a revenue decline of 3.8 per cent. The group's operations in Denmark, which represent approximately ~2 per cent of the B2C revenue, had a revenue decline of 45.3 per cent, due to timing of sales and volume rebalancing measures.

The revenue increase was driven by general positive market momentum in core markets and improved innovation cycles. Operations in Norway delivered solid performance supported by strong online demand and a positive contribution from new store openings. In Sweden, sales were held back by actions to improve gross margins and operational efficiency, including the warehouse consolidation which affected availability and stocking operations during the period.

Total revenue growth for the half-year period was 4.2 per cent.

GROSS PROFIT

The overall gross profit for the B2C segment amounted to NOK 406 million, corresponding to a 16.3 per cent increase from NOK 349 million in the same quarter in 2024. The gross margin was 16.2 per cent, up from 14.6 per cent in the same quarter of 2024. The margin progress reflects a rebalanced price and campaign policy, especially in select low margin segments, as well as more normalised pricing environment.

For the first six months of 2025, the gross margin was 16.6 per cent, up 0.8 pp from 15.8 per cent in the same period of 2024.

OPERATING EXPENSES

Operating expenses for B2C were NOK 425 million in the second quarter, compared with NOK 387 million for the same period in 2024. The increase in operating expenses was mainly driven by currency translation effects, store expansion and marketing investments combined with a transitory higher cost level stemming from the relocation of warehouses. Recent cost and restructuring initiatives are proceeding as planned, and additional measures to improve cost efficiency, and to accelerate profitability from the newly opened NetOnNet stores in Norway, are being launched in the coming quarters.

Operating expenses included depreciation and amortisation costs of NOK 28 million in the period, compared with NOK 25 million in the same quarter in 2024. Higher depreciation charges were driven by the transition to a new ERP system (IFS) and IT upgrades in Webhallen in February 2025.

The operating cost percentage was 16.9 per cent, compared with 16.2 per cent in the same quarter of last year.

For the six-month period, operating expenses totalled NOK 850 million, compared with NOK 790 million in 2024.

EBIT

The EBIT result for the quarter amounted to negative NOK 19 million, representing an improvement from negative NOK 38 million in the same period of 2024. The progress was driven by gross profit improvements, which more than offset the higher operating expenses in the period. As a result, the EBIT margin came in at negative 0.8 per cent compared with a negative margin of 1.6 per cent in the prior-year period.

EBIT for the half-year period was negative NOK 44 million, compared with negative NOK 54 million in 2024.

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX

B2C – KEY FIGURES

Amounts in NOK million	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024

Operating revenue	2 509	2 392	4 852	4 657	10 877
Growth (%)	4.9%	(7.5%)	4.2%	(8.5%)	(2.8%)
Gross profit¹	406	349	805	736	1 678
Gross margin (%) ¹	16.2%	14.6%	16.6%	15.8%	15.4%
Operating expenses (ex. dep)	(397)	(361)	(797)	(742)	(1 571)
Depreciation and amortisation	(28)	(25)	(52)	(49)	(103)
Total operating expenses (adj.) ¹	(425)	(387)	(850)	(790)	(1 674)
Operating cost percentage ¹	(16.9%)	(16.2%)	(17.5%)	(17.0%)	(15.4%)
EBIT	(19)	(38)	(44)	(54)	4
EBIT margin (%) ¹	(0.8%)	(1.6%)	(0.9%)	(1.2%)	0.0%

1) Alternative performance measure (APMs).

HIGHLIGHTS KEY FIGURES CEO COMMENTS FINANCIAL REVIEW SEGMENT REVIEW STATEMENT FROM THE BOARD FINANCIAL STATEMENTS AND NOTES APPENDIX